Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Chemical Fertilizers Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Growth in the chemical fertilizer sector continues unabated, as a recent market research report reflects significant expansion and forecasts sustained progress through to 2028. The industry is poised to reach a market size of $189.77 billion by 2024, with a robust CAGR of 8.2%. The surge is fueled by heightened agricultural productivity demands, technological advancements in manufacturing, and various changes in farming practices addressing concerns around soil health.
Innovations Steering Market Growth
The detailed research delves into a range of emerging trends shaking the core of the fertilizer industry. Notable among these are the development of customized fertilizer blends, the rise of slow-release and controlled-release fertilizers, and increased use of biofertilizers and biostimulants. Agricultural technology, including precision agriculture and nutrient management tools, is expected to significantly influence the future trajectory of the market and optimize the effectiveness of fertilizer application.
Intensive Farming and Nutrient Management
Another key driver identified in the report is the rapid adoption of intensive farming techniques, aimed at maximizing yields from every hectare of land. This necessitates a significant uptake in chemical fertilizers to replenish soil nutrients, especially in large-scale monoculture farming systems.
Regulatory Policies and Sustainable Practices
Advancements in regulatory policies and sustainable agricultural practices are also contributing to the evolving fertilizer landscape, with bio-fertilizers carving out a space as an environmentally-friendly alternative to their chemical counterparts. Phosphorus recovery from wastewater and other organic sources is gaining attention as a sustainable method of fertilizer production, highlighting the industry's shift toward resource recovery.
The Role of Precision Agriculture
Additionally, the integration of precision agriculture technologies is set to revolutionize the chemical fertilizer sector, enabling farmers to reduce waste and ensure that crops receive the correct amount of nutrients at the most opportune time.
Dominant Regional Markets
The Asia-Pacific region leads the global chemical fertilizer market, enjoying the largest share in 2023, with North America following closely. As for the competitive landscape, the market comprises numerous major players known for their innovative products and strategic presence across various regions.
Environmental Initiatives Shaping US Agriculture
Highlighting initiatives within the sector, the February 2022 collaboration between the Environmental Protection Agency (EPA) and the US Department of Agriculture (USDA) aims to advance sustainable agriculture by developing environmentally-friendly fertilizer options to aid corn production, with implications for agricultural productivity worldwide.
Global Perspectives
The report presents a comprehensive analysis covering multiple geographical regions, offering a global perspective on the chemical fertilizers market. This includes a thorough examination of various national markets and their contributions to the global market scenario.
A selection of companies mentioned in this report includes
- Sinopec Limited
- Yara International ASA (ADR)
- Guardian Industries LLC
- Nutrien Ltd
- Marubeni Corporation
- Mitsui & Co. Ltd.
- BASF SE
- CF Industries Holdings Inc
- Israel Corp Ltd
- Sinofert Holdings Limited
- Central Farmers Fertilizers Industries
- The Mosaic Company
- Haifa Group
- Indian Farmers Fertiliser Co-operative Limited (IFFCO)
- Oriental Chemicals Iimited
- Abu Qir Fertilizers and Chemicals
- Acron Group
- Intrepid Potash Inc.
- EuroChem Group AG
- Uralkali
- PhosAgro
- PotashCorp
- Agrium
- Kali und Salz (K+Z)
- Coromandel International Limited
- Gujarat State Fertilizers & Chemicals Ltd.
- Chambal Fertilisers and Chemicals Limited
- Rashtriya Chemicals & Fertilizers Ltd.
- Deepak Fertilisers and Petrochemicals Corporation Ltd.
- Zuari Agro Chemicals Ltd.
- National Fertilizers Limited
- Fertiberia
- Office Chérifien des Phosphates (OCP) Group
- Sociedad Química y Minera de ( SQM )
- Potash Ridge Corporation
For more information about this report visit https://www.researchandmarkets.com/r/q1z17y
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